The automotive tire market has experienced strong growth, increasing from $132.89 billion in 2023 to $140.64 billion in 2024, showcasing a compound annual growth rate (CAGR) of 5.8%. This growth is due to the automotive industry’s expansion, widespread adoption of radial tires, globalization and supply chain dynamics, adherence to regulatory standards and safety requirements, and changing consumer preferences. By 2028, the market is expected to grow to $176.08 billion at the same CAGR of 5.8%. Growth drivers include adaptation to changing vehicle types, rise in autonomous vehicles, sustainability and green initiatives, demand for all-terrain and all-weather tires, and a shift towards high-performance tires. Key trends for this period are advancements in tire technology, continued shift towards electric vehicles (EVs), a focus on fuel efficiency, and an emphasis on sustainability and eco-friendly materials.
Major Driver In The Automotive Tire Market
Increasing production of vehicles and the growing popularity of electric cars and pickup trucks and similar light commercial vehicles propels the market growth of the automotive tire market. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. Therefore, the increasing production of vehicles around the world is expected to drive the automotive tire market. The automotive tire market is expected to be valued at $46.7 billion in 2023, with a forecasted growth to $54.9 billion in 2024. By 2028, the market is projected to reach $70.3 billion.
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Automotive Tire Market Competitive Landscape
Continental AG, Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Nankang Rubber Tire Corp. Ltd., Sumitomo Rubber Industries Ltd., Hankook & Company Co. Ltd., Pirelli & C. S.p.A, The Yokohama Rubber Co. Ltd., MRF Limited, Trelleborg AB, Toyo Tire Corporation, Sailun Group Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Cheng Shin Rubber Industry Co., Apollo Tyres Ltd., Giti Tire Global Trading Pte. Ltd., Shandong Linglong Group Co. Ltd., Kumho Tire Co. Inc., Linglong Tire Co. Ltd., Cooper Tire & Rubber Company, Nexen Tire Corporation, Nokian Tyres plc, JK Tyre & Industries Ltd., CEAT Limited, Triangle Tyre Co. Ltd., Double Coin Holdings Ltd., Aeolus Tyre Co. Ltd., Salsons Impex Pvt. Ltd., Shinko Tires USA
Key Automotive Tire Market Trend
Automotive tire companies are focusing on developing airless tires for both passenger and commercial vehicles. These zero-pressure tires ensure no downtime and maintain productivity for commercial vehicles while enhancing safety and performance. For example, in November 2021, Goodyear launched its own airless tire, designed to compete with Michelin’s Uptis. Both Goodyear and Michelin use a non-pneumatic tire approach, where a network of spokes supports the wheel instead of relying on air pressure. This innovative design allows the tires to bend in unusual ways compared to conventional tires.
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Automotive Tire Market Segmentation
The automotive tire market covered in this report is segmented –
1) By Rim Size: Less Than 15 Inches, 15 to 20 Inches, More Than 20 Inches
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
3) By Manufacturing: Radial Tire, Bias Tire
4) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Season Type: Summer, Winter, All Seasons
By Geography:The regions covered in the automotive tire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the automotive tire market in 2023.
The Automotive Tire Global Market Report 2024 furnishes information about the global automotive tire market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
